DriveU is all set to raise Rs 30 Cr in series A funding

The Bangalore-based startup DriveU , has raised an amount of Rs 30 Cr in series A funding from their investors Unitus Seed Funds by midyear. Previously, the startup has risen amount of Rs 7 Cr from the investors in a Pre-series A funding in July 2015.

The funding has been risen to promote their new product ‘Share’ through which users can communicate with each other and share the cost of the trip. The company has agreed 3-year partnership with McDowell’s No.1 soda, manufactured by United Spirits Ltd. This will help them to promote in marketing.

DriveU is founded by Ashok Shastry, Amulmeet Chadha and RamPrasad Shastry in July 2015. Apart from being motor heads, the co-founders share a passion for building great products to improve the quality and productivity of daily life. They are also animal lovers and have pledged to donate 1% of their revenue from the get-go to CUPA, an India-based public charitable trust for the welfare of animals.

On the deal the company CEO, Mr Shastry said “This partnership has opened up investor interest as it will help us scale our business. We are looking to close a Series A round of Rs 30 crore by March/April. Through this partnership, we plan to grow our business ten-fold over the next year and increase our user base to meet our revenue targets.” Read more about Indian Funded Startups.

Startups generally celebrate every small reason, But if the reason is about a milestone achievement then it makes a big difference. This victorious path is not an easier one and we have faced and surpassed many challenges in the last few months to meet our target of half a million visitors. While our ambition is a much bigger number, the target we achieved was planned towards the end of the financial year and our team made it possible 4 months in advance.

Indeed a great effort by Shishir Kumar and the entire team and a special thanks to the avid readers of IndianCEO for following us. IndianCEO is indeed my first bet in to media business and believe me this is just the beginning. Early next year we have some great product announcements and our next milestone is not far away.